Dame Meg Hillier MP and the Treasury Select Committee are urged to intervene against the rollback of consumer protections in the UK's financial services sector. Andy Agathangelou expresses concern about changes to the Senior Managers and Certification Regime and the Financial Ombudsman Service. These reforms, aiming for deregulation, jeopardize long-term trust and market integrity. Agathangelou highlights that proposed adjustments, including longer reporting deadlines and reduced criminal checks, risk enabling misconduct. He also critiques changes to the redress system that favor firms over fair compensation for consumers.
Rolling back SMCR protections does not address root problems. It simply makes it easier for firms and individuals to repeat past errors without meaningful consequences.
Agathangelou argues these reforms prioritise "short-term deregulatory gains" over "long-term market integrity and consumer trust."
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